USD/CAD Rises as Oil Pullback Weighs on Commodity-Linked Loonie
The Canadian dollar held lower against the US dollar on Monday as oil prices, Canada's largest export with major influence on the loonie, eased near $71/barrel on Monday. Brent crude, a close measure of oil prices, dropped 0.47% to trade at $71.78 on the day. West Texas Intermediate declined 0.70% to trade at $68.22. In Monday's G10 trading, the CAD remained mostly bearish among other currencies. The mild-impact event for the loonie will be the S&P Global Services Purchasing Managers' Index for June, due later on Monday. For the USD, the major event will be the ISM Services Purchasing Managers' Index for June, also due on Monday. The USD/CAD pair was trading at 1.42236, with a 0.16% gain during Monday's American trading hours at the time of writing.
The Canadian dollar held lower against the US dollar on Monday as oil prices, Canada's largest export with major influence on the loonie, eased near $71/barrel on Monday.
Brent crude, a close measure of oil prices, dropped 0.47% to trade at $71.78 on the day.
West Texas Intermediate declined 0.70% to trade at $68.22.
In Monday's G10 trading, the CAD remained mostly bearish among other currencies.
The mild-impact event for the loonie will be the S&P Global Services Purchasing Managers' Index for June, due later on Monday.
For the USD, the major event will be the ISM Services Purchasing Managers' Index for June, also due on Monday.
The USD/CAD pair was trading at 1.42236, with a 0.16% gain during Monday's American trading hours at the time of writing.